Great Automation Tool for Data Consolidation
January 07, 2022

Great Automation Tool for Data Consolidation

Serguei Bykov | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User

Overall Satisfaction with Vena

We used Vena in our financial reporting department at a large bank with hundreds of departments. Vena was used throughout the whole organization and helped us tremendously to consolidate numbers obtained from numerous teams. Without Vena, it would be very difficult and time-consuming to collect financial information at such a large organization.

Pros

  • User friendly Excel based software
  • Easy to fill and auto-fill numbers
  • Lots of available financial templates

Cons

  • Any template that needs to be customized requires involvement of Vena support
  • Training of new users can be hard due to limited number of trainings
  • The process of submission of financial templates is somewhat complicated

Do you think Vena delivers good value for the price?

Yes

Are you happy with Vena's feature set?

Yes

Did Vena live up to sales and marketing promises?

Yes

Did implementation of Vena go as expected?

I wasn't involved with the implementation phase

Would you buy Vena again?

Yes

  • Helped automate accounting workflow
  • Helped save time and resources
  • Helped improve data quality and helped avoid errors
Vena definitely helped up speed up and automate the data submission process which resulted in faster filings of financial statements with the SEC. Also, Vena helped us reduce errors in data submissions which resulted in better data quality and eliminate delays in data re-submissions and error corrections which helped the bank make certain critical internal financial decisions faster. Overall, Vena brought a lot of efficiencies into the finance function of the bank and helped the finance team focus on more important tasks than data submission and consolidation.
Vena is great for larger companies especially those that have multiple departments. For example, if numerous teams have to submit their budget numbers to the central finance team Vena would be very useful as it would help prevent human error and would help automate the submission process. Vena would probably be less suitable for smaller companies for this application but would still be useful for the purpose of financial process automation.

Vena Feature Ratings

Long-term financial planning
9
Financial budgeting
9
Forecasting
9
Scenario modeling
Not Rated
Management reporting
9
Financial data consolidation
9
Journal entries and reports
Not Rated
Multi-currency management
Not Rated
Intercompany Eliminations
9
Minority Ownership
Not Rated
Local and consolidated reporting
9
Detailed Audit Trails
9
Financial Statement Reporting
9
Management Reporting
9
Excel-based Reporting
9
Automated board and financial reporting
9
XBRL support for regulatory filing
9
Personalized dashboards
Not Rated
Color-coded scorecards
Not Rated
KPIs
Not Rated
Cost and profitability analysis
9
Key Performance Indicator setting
Not Rated
Benchmarking with external data
9
Flat file integration
Not Rated
Excel data integration
9
Direct links to 3rd-party data sources
9
Pixel Perfect reports
Not Rated
Customizable dashboards
Not Rated
Report Formatting Templates
Not Rated
Drill-down analysis
9
Formatting capabilities
9
Integration with R or other statistical packages
Not Rated
Report sharing and collaboration
9
Publish to Web
Not Rated
Publish to PDF
9
Report Versioning
Not Rated
Report Delivery Scheduling
Not Rated
Pre-built visualization formats (heatmaps, scatter plots etc.)
9
Location Analytics / Geographic Visualization
9
Predictive Analytics
9
Multi-User Support (named login)
9
Role-Based Security Model
Not Rated
Multiple Access Permission Levels (Create, Read, Delete)
9
Single Sign-On (SSO)
Not Rated
Responsive Design for Web Access
Not Rated
Dashboard / Report / Visualization Interactivity on Mobile
Not Rated

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